Content begins here

Blogs

Help Opens in a new window

LETHU NYATHIKAZI

Default profile image
----------

INCOME TAX IN AUSTRALIA

18 Oct 2017, 18:12 Publicly Viewable

  Income tax  in Australia is levied upon three sources of income for individual taxpayers:  personal income which includes salary and wage; business income and also capital gain.  

Income received by individuals is taxed at progressive rates from 0 to 45%, plus a medical levy of up to 2%, while income derived by companies is taxed at a flat rate of either 30% or 27.5% depending on annual turnover. Generally, capital gains are only subject to tax at the time the gain is realised. Capital gains are also reduced by 50% if the asset sold to create the capital gains tax event was held for more than 1 year. Income tax is collected by the Australian Taxation office. 

 the Australian financial year ends on the 30th of June. 

sources: https://www.taxback.com/blog/australia-key-tax-dates

              http://hallandwilcox.com.au/a-guide-to-taxation-in-australia/

over 2.7 million submit tax returns

17 Oct 2017, 22:06 Publicly Viewable

 SARS pays over 62.1 billion in tax refunds 

on the 3rd of October 2017, the South African Revenue Service (SARS) announced that more than 2.7 million taxpayers have submitted their tax returns since the opening of the tax season in July 2017.

There are over 2 794 952 taxpayers who submitted their returns on time. which shows an increase of 3.6% compared to last years figures at this time.

By Monday 2 October, SARS had paid over R62.1-billion to taxpayers. of this amount, R49,8 billion in VAT refunds was disbursed and R12.3 billion in Personal Income Tax Refund.

''SARS Commissioner Tom Moyane also expressed appreciation to taxpayers and the team of over 14 000 SARS employees committed to providing excellent service.''

source: http://www.sars.gov.za/Media/MediaReleases/Pages/3-October-2017---Over-two-comma-seven-million-tax-returns.aspx